SYLLABUS 1. Program description 1.1 University Bucharest University of Economic Studies 1.2 Faculty Finance, Insurance, Banks and Stock Exchanges 1.3 Department Finance 1.4 Field of study Finance 1.5 Study cycle Master 1.6 Program of study/ Qualification Financial management and investments 2. Course description 2.1 The name of discipline Alternative Investments: Real Estate Course Code 14.0215ZI2.1-0003 2.2 Professor for the course Prof.univ.dr. Cristian-Silviu BANACU 2.3 Professor for the seminar Prof.univ.dr. Cristian-Silviu BANACU 2.4 Year of Study II 2.5 Semester I 2.6 Type of the evaluation Exam 2.7 Type of the course Mandatory 3. Total estimated time (hours/semester of didactic activities) 3.1 Total number of teaching hours per week 4 of which: 3.2 course 2 3.4 Total number of teaching hours per semester (cf. curricula) 42 of which: 3.5 course 28 3.3 seminar/lab activities 3.6 seminar/lab activities Time allotment for individual study hours Study of the lecture notes, course support, bibliography 35 Additional documentation (in libraries, on electronic platforms, field documentation) 30 Preparation for seminar/ lab classes, homework, referrals, projects and essays 20 Tutorship 1 Evaluation 2 Other activities: Work on the projects assigned at the seminar 20 3.7 Total number of hours for individual study 3.8 Total number of hours per semester (teaching hours and individual study) 3. 9 Number of ECTS credits allocated 108 150 6 2 14 4. Pre-requisites (if necessary) 4.1 curriculum Knowledge of General Management, Project Management, Investment Efficiency, Human Resource Management, Production Management 4.2 competences Current use of financial mathematics tools
Knowledge of financial economic analysis, Accounting 5. Requirements ( if necessary ) 5.1. regarding course delivery The lectures will take place in classrooms with internet access and multimedia teaching equipment 5.2. regarding seminar delivery The seminars will take place in classrooms with internet access and multimedia teaching equipment 6. Specific competencies acquired Planning, development and substantiation of the investment and financing decisions and integration of corporate governance mechanisms Professional competencies 7. Objectives of the discipline (outcome of the acquired competencies) 7.1 General objective of the discipline knowledge for real estate investment valuation, commercial property investment valuation according to International Valuation Standards (IVS) and european valuation standards TEGoVA that are applied in Romania 7.2 Specific objective of the discipline by professional appraisers. knowledge in the field of real estate investments valuation- CFA Professional Standards regarding Real Estate Investment Valuation, International Valuation Standards IVSC, and european TEGoVA that are considered working tools in professional valuation knowledge in the field of tangible and intangible assets knowledge in the field of real estate goods as lands, buildings and other constructions. knowledge in the field of feasibility studies and business plans. Innovative use of the methods and instruments in order to forecast the company s financial statements by considering the company s financial planning and strategy.
8. Content 8. 1 Course Introduction lecture: The basics of valuation science (concepts, principles, factors), International Valuation Standards IVSC and European valuation standards TEGoVA, professional association specialized in valuation. The mission of appraiser and valuation process Making the valuation report, business plan, feasibility studies. The valuation of real estate rights, analyse indicators and selection of real estate investments. Teaching methods Active lecture, permanent interaction with the students. The lectures are using Power- Point support, Excel support and access to other multimedia resources. Remarks Course support is given to the students either electronic and written format It is recommended for the students to previously read the lecture support material in order to be able to interact during class. s s Market analyse in real estate investment valuation Valuation Approaches (methods based on market value, income value, cost based value) in real estate s valuation. The valuation of lands s The valuation of real estate investments in buildings and flats The valuation of commercial buildings and storage deposits The valuation of real estate as tourism buildings The valuation of industrial buildings and constructions The valuation of real estate for mortgage system Risk in real estate investments Monte Carlo simulation for real estate investments Bibliography BAnacu C.S Evaluarea investiţiilor imobiliare/ The valuation of real estate investments, Ed. Tribuna economica 2011 Global Investments, 6th ed. (2008), Solnik and McLeavey, Addison-Wesley. Alternative Investments Portfolio Management, Ch. 8 in Managing Investment Portfolios: A Dynamic Process, 3rd ed., by Yau, Schneeweis, Robinson, and Weiss, CFA Institute, 2007. ANEVAR IROVAL Evaluarea ProprietAţiilor Imobiliare / The real estate valuation Ed. Iroval
2011 Damodaran Aswath, www.damodaran.com Reilley F. Robert, Schweihs P. Robert- The Handbook of Advanced Bussiness Valuation, Mc.Graw Hill 2000, 2009 Standardele Internaţionale de Evaluare IVSC ed.2011, ed. Limba româna editat de IROVAL- ANEVAR 8. 2 Seminar/lab activities Teaching Remarks Critical analysis of the valuation report content. Introduction lecture: The basics of valuation science (concepts, principles, factors), International Valuation Standards IVSC and European valuation standards TEGoVA, professional association specialized in valuation. The mission of appraiser and valuation process methods Case study Teaching methods Active lecture, permanent interaction with the students. The lectures are using Power- Point support, Excel support and access to other multimedia resources. Case study Making the valuation report, business plan, feasibility studies. s The valuation of real estate rights, analyse indicators s and selection of real estate investments. Each student works on his own case study (the investment property that was chosen for analysis) Remarks Course support is given to the students either electronic and written format It is recommended for the students to previously read the lecture support material in order to be able to interact during class. Market analyse in real estate investment valuation Valuation Approaches (methods based on market value, income value, cost based value) in real estate valuation. The valuation of lands The valuation of real estate investments in buildings and flats The valuation of commercial buildings and storage deposits The valuation of real estate as tourism buildings s s
The valuation of industrial buildings and constructions The valuation of real estate for mortgage system Risk in real estate investments Monte Carlo simulation for real estate investments Bibliography BAnacu C.S Evaluarea investiţiilor imobiliare/ The valuation of real estate investments, Ed. Tribuna economica 2011 Global Investments, 6th ed. (2008), Solnik and McLeavey, Addison-Wesley. Alternative Investments Portfolio Management, Ch. 8 in Managing Investment Portfolios: A Dynamic Process, 3rd ed., by Yau, Schneeweis, Robinson, and Weiss, CFA Institute, 2007. ANEVAR IROVAL Evaluarea ProprietAţiilor Imobiliare / The real estate valuation Ed. Iroval 2011 Damodaran Aswath, www.damodaran.com Reilley F. Robert, Schweihs P. Robert- The Handbook of Advanced Bussiness Valuation, Mc.Graw Hill 2000, 2009 Standardele Internaţionale de Evaluare IVSC ed.2011, ed. Limba româna editat de IROVAL- ANEVAR 9. Corroborating the content of the discipline with the expectations of the epistemic community, professional associations and representative employers within the field of the program Discussing the discipline contents with valuation and investment specialists, consultants and financial analysts. 10. Evaluation Type of activity 10.1 Evaluation criteria 10.2 Evaluation methods 10.4 Course Subjects including problems that require the application of techniques and tools of company s financial planning and interpretation of results Written exam 10.3 Share in the final grade (%) 50% 10.5. Seminar/lab activities Active attendance Record the frequency and quality of interaction during the hours of seminar. 10%
Individual project Case study- Valuation Report for real estate property 40 % 10.6 Minimum performance standard Create a project representing a valuation report that includes the valuation of a land, valuation of a building, valuation of a business/commercial property Date of syllabus proposal Signature of the professor for the course Signature of the professor for the seminar 10.09.2013 Prof.univ.dr. Cristian-Silviu BANACU Prof.univ.dr. Cristian-Silviu BANACU Date of the approval in the department Signature of the Head of the department 12.09.2013 Conf. univ. dr. Lucian Tâtu